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In June 2012, the Governmental Accounting Standards Board (GASB) released two new standards relating to pension accounting and financial reporting for state and local governments. The new standards will change how pension plan liabilities are accounted for and disclosed in the financial statements of public pension plans and participating employers. These changes are intended to improve pension information and increase the transparency, consistency and comparability of pension information across governments. The standards do not address how a government should go about funding the plans.

The new standards will not affect or alter how public pensions are funded or how your contribution rates are calculated.

Statement No. 67 - Financial Reporting for Pension Plans

GASB Statement No. 67, Financial Reporting for Pension Plans, addresses new financial reporting for state and local government pension plans, including FPPA. FPPA implemented this standard in the fiscal year ending December 31, 2014.

Statement No. 68 - Accounting and Financial Reporting for Pensions

GASB Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of FPPA’s employers. Our participating employers implemented this standard in the fiscal year ending December 31, 2015.

We know complying with these new standards may be complex. FPPA is committed to helping our participating employers learn as much as possible about these accounting standards.

You should also consult with your own accountant or independent auditor about the implementation of these new standards into your financial statements.  It is important to note that FPPA will not be able to provide you direct assistance on how to report this information within your financial statements.


V.11.16

In June 2015, the Governmental Accounting Standards Board (GASB) released two new standards relating to other postemployment benefit accounting and financial reporting for state and local governments. The new standards will change how pension plan liabilities are accounted for and disclosed in the financial statements of public pension plans and participating employers. These changes are intended to improve other postemployment benefit information and increase the transparency, consistency and comparability of pension information across governments. The standards do not address how a government should go about funding the plans.

The new standards will not affect or alter how public other postemployment benefits are funded or how contribution rates are calculated.

Statement No. 74 - Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans

GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans addresses new financial reporting for state and local government other postemployment benefit plans, including FPPA. FPPA implemented this standard in the fiscal year ending December 31, 2017.



Statement No. 75 - Accounting and Financial Reporting for Postemployment Benefit Other Than Pension

GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefit Other Than Pension, affects the financial statements of FPPA’s employers. Our participating employers will implement this standard in the fiscal year ending December 31, 2018.

We know complying with these new standards may be complex. FPPA is committed to helping our participating employers learn as much as possible about these accounting standards.
You should also consult with your own accountant or independent auditor about the implementation of these new standards into your financial statements.  It is important to note that FPPA will not be able to provide you direct assistance on how to report this information within your financial statements.


All summaries, materials, information, etc. provided in this GASB Guide are in reference to FPPA administered plans. Employers may have plans separate from FPPA to which these standards apply. In that case, the Employer may have different implementation requirements acting as both the Plan and Employer entity.

V.3.18